For this Redditor, they are looking at a scenario where they have a 2.75% mortgage with approximately $500,000 left on the balance. This is equivalent to a $3,400 monthly payment on a house that is currently worth around $850,000. Having bought the house seven years ago for $715,000, this isn't a ton of growth, given what other areas of the country have done. This fact aside, the family has no other debt and has around $1 million sitting in retirement and non-retirement accounts.
When buying a home, lenders almost always check your credit history to assess how likely you are to repay the loan. But what if you don't have a credit history at all? Maybe you've never used credit cards, taken out a loan, or your credit profile is too thin to generate a score. If you're asking, "Can you get a mortgage with no credit history?" the answer is yes—though it's more challenging, and you'll need to show lenders your financial responsibility in other ways.
VantageScore 4.0 has been allowed for loan purchases by Freddie Mac and Fannie Mae, marking a significant shift in federal lending policy and competition with FICO scores.
When you apply for a mortgage, lenders want to know you'll be able to make your monthly payments. One way they assess this is by looking at your employment history.
You typically become responsible for the mortgage payments after inheriting a home, deciding whether to keep, sell, or explore other options.
